Thai Bev

Thai Bev: released 2Q13 results last night. Exerpts from the results announcements as follows. 2Q13 revenue dropped 11% yoy to Thb 36.8b , due to decrease in the spirits business (-2.8%), beer business (-3.7%) and non-alcoholic beverages business (-43.2%), although there was an increase in the food business (+8.7%). Accordingly , net profit dipped 6% to Thb 4.9b, mitigated by the inclusion of associate, F&N's contributions. Co maintained the Thb 0.14 (S 0.57 ct) interim dividend . 1H13 EPS at Thb 0.33 (S 1.34ct) NAV at Thb 3.42 (S$0.139).